Median Household Income in July 2022

Political Calculations’ initial estimate of median household income in July 2022 is $78,532, an increase of $651 (or 0.84%) from the initial estimate of $77,881 in June 2022.

The latest update to Political Calculations’ chart tracking Median Household Income in the 21st Century shows the nominal (red) and inflation-adjusted (blue) trends for median household income in the United States from January 2000 through June 2022. The inflation-adjusted figures are presented in terms of constant July 2022 U.S. dollars.

July 2022 saw the typical American household gain positive traction with respect to inflation for the first time in months. Unfortunately, even with that development, there has still virtually been no real growth in median household income for the year-to-date.

Analyst’s Notes

In its latest data release, the BEA made minor upward adjustments to its aggregate wage and salary data for April (+0.009%), May (+0.025%), and June 2022 (+0.169%).

Looking forward, the BEA will be making its large, annual revision to its historic aggregate income data at the end of September 2022. When released, this data may have a major impact on both our estimates and how we assess whether the U.S. economy went into recession in the first half of 2022.

References

U.S. Bureau of Economic Analysis. Table 2.6. Personal Income and Its Disposition, Monthly, Personal Income and Outlays, Not Seasonally Adjusted, Monthly, Middle of Month. Population. [Online Database (via Federal Reserve Economic Data)]. Last Updated: 26 August 2022. Accessed: 26 August 2022.

U.S. Bureau of Economic Analysis. Table 2.6. Personal Income and Its Disposition, Monthly, Personal Income and Outlays, Not Seasonally Adjusted, Monthly, Middle of Month. Compensation of Employees, Received: Wage and Salary Disbursements. [Online Database (via Federal Reserve Economic Data)]. Last Updated: 26 August 2022. Accessed: 26 August 2022.

U.S. Department of Labor Bureau of Labor Statistics. Consumer Price Index, All Urban Consumers – (CPI-U), U.S. City Average, All Items, 1982-84=100. [Online Database (via Federal Reserve Economic Data)]. Last Updated: 10 August 2022. Accessed: 10 August 2022.